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(Corrects reference to Dutch auction in second paragraph.)

March 28 (Bloomberg) -- German 10-year bond yields approached a two-week low before a report economists said will show inflation in Europe’s biggest economy slowed this month.

The 10-year break-even rate, a gauge of inflation expectations, was two basis points from the highest since January. Italy plans to auction 8.5 billion euros ($11.3 billion) of 182-day bills. French bonds were little changed as a report showed gross domestic product grew less than previously estimated.

The German 10-year yield was at 1.87 percent at 7:27 a.m. London time. The yield fell to 1.855 percent on March 23, the least since March 13. The 2 percent bond due January 2022 traded at 101.1 percent of face value. French 10-year bonds yielded 2.96 percent.

The 10-year break-even rate, derived from the difference in yield on conventional and inflation-linked German securities, was at 1.80 percentage point, after reaching 1.82 two days ago, the highest since Jan. 24.

A preliminary reading from the Federal Statistics Office will show German consumer price inflation, calculated using a harmonized European Union method, slowed to 2.3 percent from a rate of 2.5 percent in February, according to the median of 24 forecasts in a Bloomberg News survey.

German bunds have lost 0.2 percent this quarter, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. French bonds have gained 2 percent and Spanish securities have risen 1.2 percent, the indexes show.

To contact the reporter on this story: Lucy Meakin in London at

To contact the editor responsible for this story: Daniel Tilles at

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